Tax Newbie

Thanks so much for such a quick answer. I have another follow up question. On the Worksheet for NOL Carry From 2013 to 2014 where it said NOL Year - Can I write down 2003 to 2012 here? And on line 1 of the worksheet, do I put down the entire NOL accumulated since 2003? I'm hoping that I can do all years in one worksheet. Again, thanks for all your help

HI This is my first time deducting a NOL carry forward from prior years NOL. I’m kind of confused about the amount that goes to line 21 of form 1040. My client has accumulated NOL since 2003 for more than $200,000. Do I put the entire NOL loss of more than $200,000 on line 21 or just enough to have zero taxable income? I know I have to use the “Worksheet for NOL Carry…” to calculate the carry forward. I just cannot find any information on what goes on line 21 if NOL is more than taxable income. Again thanks for all your help

I've got the math all reconcile now. Thanks for all your help.

joanmcq, thank you for your help. So, take the loss c/f without worry about reducing the basis. Correct? Thanks again for your help.

Thanks so much for the quick response. I was wondering if I need to adjust my basis by the carryover loss or it is already part of the "Adjustment to tax basis" (box 6 from the Sales worksheet on the K-1 Form 1065). Thanks again for all your help

Hi everyone, I have a quick question about publicly traded partnership (PTP) in the year of disposition. Below are the facts: Sales: $15,000 Purchase amount: $10,000 PTP loss carry over: $3,500 Information from the Sales worksheet on the K-1 Form 1065 are as follow: Sales (box 4) - $15,000 Purchase (box 5) - $10,000 Adjustments to tax basis (box 6) - <$3,000>. Please note this is negative. Total gain on box 8 is $8,000. ($15,000 - $10,000 + $3,000) Ordinary gain/loss (box 9) - $2,500. Capital gain is $5,500 ( I need to adjust my basis to $9,500 so I can report a capital gain of $5,500 ($15,000 - $9,500). I don't know what to do with the prior PTP loss carry over of $3,500. Can I recognize the PTP loss carry over ($3,500) as an ordinary loss and offset it with the ordinary gain of $2,500 from the above? Thank you for all your help.

Hi everyone, I have no idea how my state efile has the status of "held" How do I unhold it? Thanks,

I was able to fix the issue and not sure who to blame. I unstalled and reinstalled, that did not work. I went in the setting and change the print resolution from 600 dpi to HQ 1200, it works. I did not have to do this with my Win7 PC.

Hi, I posted the below at the ATX Online Community, but no one seems to have the same problem that I have. I'm hoping that some expert here can help me with this issue. "I recently converted to Windows 8.1 (new computer) and am having issues with printing tax forms. The printer is a Brother MFC-8220. The issue I am having is I am getting strange fonts (anyone who has gotten this before knows what I am talking about) on some of the boxed items on the 1040 (ie the Presidential Election Campaign Message and the bold headings asking for number of dependents on the left hand side of the Exemptions section). Additionally, I am getting the same fonts in various places throughout the body of the 1040 and on the 1040 ES mailing form where is shows the taxpayer address and address to mail the form to. I have updated all my drivers on the Brother printer and have all fonts that I am aware of in ATX as follows: ATX_A Regular ATX_B Regular ATX_Logo Regular ATX_N ATX_S Regular Please let me know what I may be missing. Thanks" Thanks,

Thanks so much for your help

Hi Jack, Do you think a pc with AMD A8 processor is sufficient for the new 2013 ATX Tax software? The PC that I'm about to purchase listed the processor as AMD A8 6700 processor which I cannot find it anywhere. That spec could be an error from Staples. However, from what I have gathered, the minimum speed for AMD A8 line is 2.4 GHz, quad cores. Would this be enough for a standalone pc? Everything else should meets or exceeds the requirement. Thank you for your help

Is there a work around for this calculation (=5+15)in ATX 2012? ATX 2012 on both of my desk top and laptop don't recongnize the = key for adding. I'm so frustrate with the lack of this feature. Thanks for your help.

Thank you so much for your help, that did the trick. I thought complete disposition on the asset worksheet would do it. Now I understand that asset disposition is only for form 4797.

I have the similar situation and I can not get ATX to work for me. My client's AGI for the year is more $150K. He has one rental property that he sold in 2008 with a loss of $2,000. I recorded the sales in the disposition of asset worksheet and the loss amount flow to form 4797 without any problem. However, schedule E does not allow him to claim the loss for current year rental activity loss. He has a rental activity loss of $4,000. I don't understand why ATX allow this loss on schedule E. Is this a flaw in ATX that I need to overwrite the loss amount on schedule E? Any help is greatly appreciated.

Does anyone know when ATX will upload the latest Texas Margins tax forms? Thanks,

Thank you, Yardley!!!

I'm thinking about getting a new computer this summer and all the new PC now come with Vista operating system. For those who use Vista, do you have any problem with 2006 and 2007 ATX tax software? and would you recommend buying a Vista PC? Thanks,

Thanks, they both go to to different addresses.

I have finished both of the forms DR-21 and CO 104, but I don't know if they both file together or separate. I know that forms CO 104 go to the address below, but I don't know where to mail form DR-21 and DR-21D. Please let me know if they are filing together or separate. If they are separate, please let me know where to send form DR-21 and DR-21D Colorado Department of Revenue Denver, CO 80261-0005. Your help is greatly appreciated. Thanks,

Thank you for your help

Just curious - this is my first time using the PIN selection for form 8879 - I understand the practioner pin, but am not quite sure of how the self-select pin process works. How do the clients enter their PIN onto this form - is it as simple as giving the pin to the tax practioner and we enter it in? Seems simple but wanted to make sure. Please advise. Thanks

How do get the Ack Immediately? I efile one this morning and the status is still Transmitted to Agency? Is there a IRS phone number that you call and check the status of the extension? Thanks,

Yes I do, but I'm not sure where to input the exclusion amount.

I need help some help with the California state tax return. I have a client (couple) that sold their personal resident and qualify for the exclusion of $500,000 gain. I understand that California conforms to Federal law when it comes to gain on sale of the house. I don't know how to handle this in ATX because the software adds the exclusion amount to the state income. How do I take the exclusion gain out to make California taxable income is the same as federal income? Thanks for your help